nasdaq which has been b you oyed by some of the high technology stocks dipping in the negative territory and the s&p down 6 points at 1656, mandy. >> let's talk more about the markets. joining us now is our guest panel. rick santelli who loves to jump in on every single topic. let's start with you. you're the lucky one next to me, right? >> yes. >> the private bank. >> yes. >> what are you saying to the private bank clients right now about the markets? >> well, actually, we still like equities. we still think that the market is fairly priced. it's not cheap like it was a number of months. valuations are reasonable. we think on a relative basis -- >> after the pullback over the course of august things have come back to what you think is a fair price? >> off 3%, 3.5% from the highs. even after june after the initial taper conversation, we were down about 9%. there's still actually relative to fixed income, relative to cash, closer to asset classes, we think a reasonable place to put money to work although volatility picks up in the fall with september and the news stories, the fed meeting.